Date: 20/04/11 Nirma University Institute of Law B. A. LLB (Hons.) Block Sem Exam Semester - 11 Economics-II (2BAL204) Time: 02.00 p.m. to 03.30 p.m. 6+6 = (12) (8 Marks) (8 Marks) (2 Marts) Marks: 50 Number of Pages: 1 [Row No. Invigilators Sign Instruction: Write in legible handwriting & use diagrams wherever required! a Q:1 Write Short Notes (Any Two) 1) Modern concept of Rent 2) Labor 3) Entrepreneur Q:2 (a) What are Diminishing Returns? Give examples from modern industries where it is applicable. (b) Briefly mention the functions of an entrepreneur. What is meant by ‘Creative Destruction?” Q:3 Find out the Total Cost, Average Cost & Marginal Cost’: Units Fixed Variable Total Average Marginal Cost Cost Cost Cost Cost a 7 100) 50 2 2 2 2 100, 76 2 2 2 3 100 135 2 2 = 4 100 200 2 2 2 5 100 320 a. c a 6 100, 480 2 2 a 7 1007" 600 ? ? 2 8 100 900 = a = 9° 100 1000, 2 2 2 Q:4 Discuss the relationship between Average and Marginal Cost OR Q:4 Describe the Law of Variable Proportions in detail, (10 Marks) (40 Marks)